Aquila European Renewables plc announced that The Rock ("Project") has achieved takeover under the Turbine Supply Agreement ("TSA"), an important milestone for the Project. All turbines have passed the test run procedure and the independent engineer has signed the taking over certificates for all 72 turbines according to the TSA, enabling formal takeover to occur. As a result, the Project has formally transitioned to operations.

On average, 95% of all the turbines are now in operation, whilst the remaining turbines are subject to corrective maintenance. The Project company will benefit from a production-based availability warranty under the existing Maintenance and Service Agreement, which will cover any losses if availability is below 97% in the first year of operations and 98% subsequently thereafter. Final completion will be achieved upon the parties concluding remaining items under the Engineering, Procurement, Construction and Management Agreement in respect of which discussions are ongoing.

The Rock is a 400 MW wind farm located in northern Norway, in which AER acquired a 13.7% interest in June 2020. The Project benefits from a pay-as-produced power purchase agreement ("PPA") with Alcoa Norway ANS ("Alcoa"). Approximately 70% of the Project's P50 production is hedged over 14 years via PPAs.

The Rock is now supplying electricity to Alcoa's Aluminium smelter in Mosjøen, which is a key contributor to employment and growth in the area. The Project milestone is another important development for the Mosjøen community, following Alcoa's announcement in June 2022 of a USD 51 million investment to boost production capacity at the smelter. The Rock is expected to have an operating life of 30 years and is expected to provide 1,294 GWh of renewable electricity annually over its lifetime, representing approximately 385 kt of CO2 equivalent avoidance per annum.